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Mortgage Sense

Episode 76 - Mortgage Sense on Chai Time Money Sense TV on Chai Time. Tara Thind from Chai Time, Channel M (Omni TV) interviews Jessi on a number of topics affecting ...

How to refinance to pay off a mortgage faster

In this article: 

There are many reasons that a refinance can help you improve your financial picture. And real financial security comes from having a home with no mortgage. Here’s how to pay off a mortgage faster.

You can refinance to a shorter term, which usually also offers a lower interest rate You can refinance to a lower rate but keep making the higher payments, reducing your principal balance faster You can take a cash-out refinance to clear all your higher-interest debt, then use that monthly saving to accelerate the repayment of the mortgage

Usually, you have to make a higher payment to pay off a mortgage faster. But sometimes you can reduce your rate, continue to make the higher payment, and knock years off your mortgage term.

Verify your new rate (Sep 22nd, 2018) Living the dream

Do you ever lie there, imagining it? Do you dream of that morning when you make the very last payment on your mortgage? How you’re going to feel when you’re mortgage-free? What you’re going to do with all that extra money you’re going to have at the end of every month?

Does it make sense to buy mortgage points by refinancing?

I know that points reduce the interest rate and they can be deducted during the life of the mortgage, but does it really make sense financially to buy mortgage points or do they cost more than the benefit they offer?

I dont see why paying 1 point to lower the interest rate 1/8% makes sense. People say its worth it when you stay long enough to meet the break even point; where the amount of interest saved equals the amount in points you spent.